Guangzhou Jointas Chemical Co., Ltd. (SZSE:002909) announced a private placement of not more than 33,600,000 A shares for gross proceeds of not more than CNY 364,139,500 on February 28, 2020. The transaction will include participation from not more than 35 designated investors. The company will issue shares at a price not lower than 80% of the average stock price for 20 trading days before the pricing reference date. All shares to be issued will be subject to a lock-up period of 6 months from the date of closing. The transaction has been approved in the 12th meeting of 2nd directorate of the company, and is subject to the approval of shareholders of the company and China Securities Regulatory Commission.